Finance

8 Best Recurring Billing Software

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8 Best Recurring Billing Software

Subscription businesses have grown tremendously in the last few years. Reports claim that the subscription economy is expected to continue to grow and reach $1.5 trillion in 2025. The COVID-19 Pandemic has accelerated the trend towards subscription-based businesses. Many people used subscriptions during the pandemic to gain access to products and services in the comfort of their own homes. The flexibility of recurring payments is one of the main reasons why people choose recurring billing software.

What is Recurring Billing?

Recurring billing is the practice of charging customers automatically for a service or product they subscribed to. This type of billing is often used by subscription-based businesses, such as magazines, streaming services, telecom businesses, software-as-a-service (SaaS) applications like Google Apps or Dropbox, and gym memberships.

The merchant will set up an automated billing system, usually on a weekly or monthly basis, to avoid the customer having to pay each time they purchase a service or product. Merchants store the payment information of the customer securely and charge the account in each billing cycle automatically until the subscription has been canceled. There are two main types of recurring billing:

  • Fixed (where the exact same amount is charged each payment cycle)
  • Variable (where a certain amount is based on the usage of the service or the quantity of the goods consumed, such as the number of licenses for SaaS)

Both merchants and their customers can benefit from recurring billing. It can help merchants to have a more stable revenue stream, and it reduces the need for manual collection and billing. Customers can enjoy convenience and uninterrupted access to products or services they love.

It is not easy to manage recurring payments. There are many challenges that come with recurring payments.

  • Avoiding failed transactions by managing timely payments
  • Confirming that payments have been made correctly and reconciling them to invoices
  • Customer churn can be caused by poor service or experiences.
  • Manage technical issues such as system failure or slow payment processing
  • Manage regulatory compliance to avoid legal penalties
  • It’s time to switch over to recurring billing if you run a subscription business.

There are many options on the market. We have created a list of the 9 best recurring billing programs to help you make an educated decision. These software solutions each have their own features and pricing, so you should carefully choose the one that best suits your business.

Top Recurring Billing Software

1. Chargebee

Chargebee is a subscription management platform and recurring billing software designed to streamline the subscription billing process for businesses. Chargebee allows businesses to manage subscriptions and automate recurring payments, as well as handle billing and invoicing for customers, all from one place.

Chargebee has a number of features to make managing recurring payments easy and efficient.

The top features include:

  • Smart Dunning reduces involuntary churn due to recurring payment failures
  • Multiple payment methods are supported to boost global reach and conversion.
  • Support for multiple currencies (100+) – Prioritize customer payment preferences
  • Pay faster and with no code by customizing the checkout experience
  • API Integrations to increase flexibility and streamline operations

Also read: What is Advance Invoicing and How to Use It?

2. Emersion

Emersion is a billing software for service-based companies such as Managed Services Providers and telecommunications, that automates billing and invoicing. Emersion allows businesses to manage their subscription plans, recurring payments, and customer accounts in one place, with automation.

Businesses can automate a number of billing functions, including usage and fee calculations, invoice generation and management, reporting and compliance, taxes, and more.

The top features include:

  • Portal for customers to sign up, activate accounts and manage their accounts
  • Smart invoice templates for businesses to improve brand perception
  • Sign up and activate your account automatically for faster ordering
  • Support for multiple payment options such as debit cards, credit cards, agent collection, and more
    Support for the aggregation and billing of all services into a single invoice

3. FastSpring

FastSpring is a subscription management software, that helps businesses to manage their recurring bill processes. The platform offers many features that simplify subscription billing and management, such as flexible pricing, customizable billing cycles, and automated payment processing.

The platform has an intuitive user interface, which allows businesses to manage their subscriptions in a single dashboard.

The top features include:

  • Subscriber management tools include trial periods, upgrades, downgrades, paused subscriptions, and more.
  • Automated dunning and payment failure handling to avoid involuntary churn
  • It does not ask for payment information when setting up the trial – this allows customers to sign up easily for free trials
  • It is possible to set up billing subscriptions without any code.
  • Supports API integrations to provide more flexibility and seamless operation

4. Freshbooks

FreshBooks accounting software is designed for small business owners and self-employed professionals. The platform offers a variety of features including invoicing and expense tracking. It also includes time tracking, project tracking, payment processing, and project management.

FreshBooks provides automated online payment options to help streamline businesses’ billing and payment processes. FreshBooks allows businesses to automate recurring billing, and give clients the option of paying using their preferred method.

The top features include:

  • Set up support for online payments in one click
  • Businesses can post links to checkouts on their website or social media channels for faster checkouts
  • Businesses can accept payments by credit card online, over the phone, or even in person.
  • Businesses can create recurring billing profiles to bill specific clients.
  • Stripe supports international currencies
  • Add automation and create client profiles based on subscriptions

5. RackNap

RackNap is an Ecosystem orchestration platform (EOP) designed to help cloud service providers, data centers, telcos, and SaaS companies automate their business operations and deliver cloud services. The platform provides features that help SaaS providers to manage invoices and recurring billing.

RackNap’s ability to automate the process of subscription service delivery is one of its key features.

The top features include:

  • Automates the entire process from service ordering to delivery.
  • Billing automation that supports multiple payment cycles: Free, one-time, recurring, pay-per-use, and contract plans
  • Businesses can modify their billing cycle according to the number of units and billing cycle.
  • Supports multi-tier partner management. Businesses can create partner ecosystems and manage them via the platform.
  • Businesses can provide partners with a white-labeled, ready-made marketplace
  • Multiple integrations are supported with payment gateways and third-party software for an enhanced customer experience

6. Recurly

Recurly is a popular recurring billing software and management of subscriptions that is designed to be used by businesses of any size. Platform features include flexible subscription billing and payment processing as well as customer management.

Recurly’s ability to handle complex subscription billing scenarios is one of its key features. The platform offers a variety of billing options, such as metered billing and usage-based billing. Businesses can also create custom subscription plans that suit their needs.

The top features include:

  • Accept global payments with multiple payment gateways
  • Self-service portals for account management of customers
  • Upgrades, downgrades, and cancellations can be handled by customers with just a few clicks
  • The subscription business can be better understood with the help of reporting and analytics tools
  • Reduce involuntary churn with tools and features

Also read: Top 9 Account Management Software and Tools

7. Sage Intacct

Sage Intacct is a cloud-based software for financial management that is designed specifically for small- and medium-sized businesses. The platform offers a variety of features including subscription billing and revenue recognition.

Sage Intacct has features to improve financial reporting accuracy and compliance.

The top features include:

  • Automated accounting to reduce manual billing errors, save time and improve accuracy
  • Automatic identification of SaaS metrics that can help predict future revenue
  • Automatic revenue recognition and seamless data flow
  • Dashboards with flexible data and rich information for better business insight

8. Zoho Subscriptions

Zoho Subscriptions is a subscription management and recurring billing software for growing companies designed to help them grow. Platform features include flexible subscription billing and payment processing as well as customer management.

It has a number of great features for managing subscriptions and recurring billing, including upgrades, downgrades, cancelations, etc.

The top features include:

  • Automatic subscription billing cycles, frequency, proration, etc.
  • Support for multiple payment methods – online as well as offline
  • Customize plans, add-ons, and coupons
  • Customize the subscription experience with payment pages, customer portals, and pricing tables
  • You can generate up to 30 reports on sales, churn, and revenue.
  • Supports powerful REST-based APIs to create automated workflow rules, email alerts, and custom features

Last Line

There are recurring billing software options that will streamline your billing process and improve cash flow management, whether you’re looking for a simple way to manage subscriptions or a complex platform for invoicing and accounting. You can take advantage of recurring billing software that has many benefits by carefully evaluating your needs and requirements.

Written by
Alex Nevolin

Alex Nevolin is a creative content writer of The next Trends, having knowledge in areas including the latest technologies , finance and investments.

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